First Financial Bancorp (FFBC) in Cincinnati warned that it will take a hit to fourth-quarter earnings because of a $22.4 million valuation adjustment to its indemnification asset from the Federal Deposit Insurance Corp.

The $6.2 billion-asset company made three FDIC-assisted purchases of failed banks in 2009, gaining $2.1 billion of loans covered by loss-sharing agreements. First Financial's original estimated FDIC indemnification asset was $288 million. After the valuation adjustment, the asset will be $45.1 million as of Dec. 31.

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